In situations where New Jersey spouses decide to bring an end to their marriage, the potential always exists for some level of contention between the two parties. If you are involved in a high-asset divorce case — where the total amount of marital property exceeds $1 million — this can especially hold true. With so much at stake financially during the division of marital property, being proactive and doing all possible due diligence could be in your future best interests.
The state of New Jersey is an equitable distribution state, meaning that a family court judge has the authority to divide all marital assets in a manner he or she deems as fair. This can create a significant variance in the potential amount of certain qualifying assets to which you may be entitled since fair doesn’t necessarily mean equal. Therefore, accounting for all your soon-to-be ex-spouse’s eligible marital property could prove invaluable to your financial future.
What are some of the most common types of hidden assets?
One of the first measures you can take to minimize the odds of any hidden assets is thoroughly evaluating your partner’s voluntary disclosures. Some of the most common items purposely omitted from high-asset divorce cases include the following:
- Real estate properties
- Offshore bank accounts
- Artwork
- Jewelry
- Vehicles purchased with minimal to no paper trail
- Stock options
You could also benefit from carefully scrutinizing any proposed valuations for the voluntary disclosures and taking advantage of a forensic accountant’s services if necessary.
Other steps you can implement
There are a multitude of other options at your disposal to help ensure you receive your rightful amount of the marital property. Acquiring the services of a private investigator, formally requesting specific financial information by means of an interrogatory and utilizing depositions so that your soon-to-be ex-spouse will have to provide sworn testimony that can later be used in the proceedings could all potentially benefit your cause. Even simple online searches on your own accord could provide evidence that confirms some of your suspicions.
With all the complexities involved during the division of property and many other aspects of the divorce process, you may have many questions and concerns. Fortunately, there is professional guidance and support readily available to you during these times to provide you with much-needed peace of mind and increase your odds of receiving the best divorce settlement possible.